Umadx Creates Tech Startup History

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Reward-based crowdfunding platform Umadx becomes the first crowdfunding platform in the world to partner with Sarawak in collaboration with RESONICS Consultancy

Figure 1:The memorandum of understanding (MoU) between RESONICS Consultancy and Umadx (Online) Malaysia witnessed by the Prime Minister of Malaysia, Dato’ Sri Haji Mohammad Najib bin Tun Haji Abdul Razak, the Deputy Chief Minister of Sarawak, Datuk Amar Awang Tengah Ali Hasan and the Chairman of WIEF Foundation, Tun Musa Hitam.

(Kuching, Sarawak – 21 November 2017) – Asian-based crowdfunding platform Umadx created tech startup history today, by partnering with RESONICS Consultancy on crowdfunding on-boarding activities for entrepreneurs in East Malaysia region.

The memorandum of understanding (MoU) was signed today at 13th WIEF 2017 conference in Borneo Convention Centre Kuching between representatives of Umadx (Online) Malaysia and RESONICS Consultancy, Fadzli Rahim and Abdul Qaiyum Alidin, and were witnessed by the Prime Minister of Malaysia, Dato’ Sri Haji Mohammad Najib bin Tun Haji Abdul Razak, the Deputy Chief Minister of Sarawak, Datuk Amar Awang Tengah Ali Hasan and the Chairman of WIEF Foundation, Tun Musa Hitam.

Figure 2: The memorandum of understanding (MoU) between RESONICS Consultancy and Umadx (Online) Malaysia at the 13th WIEF at Borneo Convention Centre Kuching (BCCK)

This MoU signing is to officiate the partnership between Umadx and RESONICS Consultancy, to assist the state government of Sarawak on introducing rewards-based crowdfunding as an alternative fundraising method, and to promote crowdfund initiative for entrepreneurs and community development in Sarawak. This first-of-its-kind partnership for a tech platform will utilize the spaces in Sarawak especially Kuching as a hub for entrepreneurship and to tap into East Malaysia’s pool of project creators and start-ups.

Umadx aims to grow the number of projects from East Malaysia in 2017 and 2018 for various categories, namely – Fashion, Arts, Film & Performing Arts, Food, Games, Health & Medical, Music, Not-for-profit, Publishing, Social Enterprise, Sports, Technology, and Product Design. To compliment this landmark collaboration, Umadx is currently waiving its usual service fee for all new Malaysian projects until early 2018 (1 month after Chinese New Year).

RESONICS Consultancy has also signed 2 more MoUs with FinTech4Good LLC and Universiti Malaysia Sarawak (UNIMAS). The aim for RESONICS Consultancy is to position Sarawak especially Kuching as a hub for technology development and entrepreneurship in the country.

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